Mr Cooper Group Inc (COOP)

[boarddork]

No, its about Washington Mutual Preferred Funding as manager for incoming REIT Trust interest income, and how Oregon state thought that because they had WAMU banks operating in their state, that WMI then owed them excise taxes (which is not an income tax, just a transactional tax) for Washington Mutual Preferred Fundings REIT income collections for the benefit of WMI.

What I love about the footnotes I posted, is that while Oregon and the WMILT argue about whether an excise tax is appropriate in the filing, The LT is forced to explain in detail, what and how they've been hiding for years.... how they hid the sausage. Honestly they didn't even have to hide it, because it always was hidden from the books. remember, Washington Mutual Preferred Funding's source of interest income from the Capital Trust REITs, is hidden as it doesn't report on WMIs Federal or State Consolidated Tax Statement !! Hidden in Plain sight ! The REIT trusts are separate tax entities from the whole WMI consolidated tax group that you posted. When the REIT Capital Trusts distribute annual interest income, then WMI receives it (annual 90% rule) and that income becomes baked into shareholder profit.

Tax stuff was boring to me, and I didn't read it until now, and I'm glad I did. It proves that WMI has always had residual interest income assets coming from OUTSIDE of the Bankruptcy court's jurisdiction AND the Receivership....and that the residual legacy estate for those who released is not worthless !


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I do like footnote 2, on page 2 of this KCCLLC filing. How they hid the sausage from court and creditors. https://www.deb.uscourts.gov/sites/default/files/opinions/judge-mary-f.walrath/wamu-v.oregon-otc-f12-19-12.pdf Dec. 19, 2012


"The REITS themselves, however, were not members of the [WMI] Consolidated Tax Group and were not included in the consolidated federal returns. During the same period, WMI filed consolidated returns on behalf of the Consolidated Tax Group in Oregon as well. The REITS were not included in the consolidated Oregon returns. Thus, the income of the REITS from the REIT loans was not reflected in the consolidated federal or Oregon tax returns."


Background: same doc, page 1 "In late 1999, each of the REITS became directly-owned subsidiaries of a holding company of WMI and changed their
commercial domiciles from the State of Washington to Oregon."